What year is a car considered a classic in Indiana?

Classic car insurance costs less than regular car insurance because a classic spends less time on the road than a vehicle used for commuting or errands. The average classic car insurance policy costs between $400 and $1,000 per year.

Like with any auto insurance policy, each driver’s classic car insurance premium will vary based on individual risk factors such as location, driving history, the driver’s age, and the vehicle’s value. Classic car insurance usually applies to antique vehicles as well as to old, high-performance cars. Requirements and prices vary by company, though.… read full answer

Classic Car Insurance Costs by Company

• Grundy: 50%+ less than standard car insurance
• Hagerty: up to 36% less than standard car insurance
• American Collectors: up to 40% less than standard car insurance
• Nationwide: up to 43% less than standard car insurance
• Heacock Classic: up to 40% less than standard car insurance

Why Classic Car Insurance Costs Less Than Normal Car Insurance

Almost every classic car insurance provider forbids regular use of the vehicle, which reduces the risk for the insurer and keeps costs low. Classic cars are generally limited to parades, car shows, and pleasure driving up to a mileage limit stated in the policy. As a result, you may need to provide proof that you own a regular car for daily use when purchasing classic car insurance.

Another key difference is that most classic car insurers pay the vehicle’s “agreed value” if it is totaled. This amount is decided when the policy is purchased and reflects the fact that classic cars maintain their worth over time. On the other hand, standard car insurance policies usually pay a vehicle’s actual cash value in the event of a total loss, accounting for depreciation.

How to Lower the Cost of Classic Car Insurance

You can lower the cost of a classic car insurance policy by comparison-shopping for quotes and taking advantage of discounts. Many discounts will be the same as those for regular car insurance, such as discounts for having an anti-theft device or taking a defensive driving course. Some companies also offer discounts for membership in certain car clubs or for switching from a different insurer.

Car insurance in Indiana costs $35 per month or $422 per year for minimum coverage, on average. The cheapest car insurance companies in Indiana are USAA, Indiana Farm Bureau Insurance, and Hastings Mutual, and getting quotes from several companies can help you find the best deal.

The average cost of car insurance in Indiana is 37% lower than the … read full answernational average auto insurance premium. There are several factors that affect how much you’ll pay for car insurance in Indiana, including your driving record, age and location, the amount of coverage you purchase, and the insurance company you buy it from.

Average Cost of Car Insurance in Indiana by Category

• After an at-fault accident: $143 per month
• Driver with poor credit: $60 per month
• Teen driver: $171 per month
• After a DUI: $72 per month

Average Cost of Car Insurance in Indiana by Company

Note: Rates are an approximation based on a 45-year-old man in Indiana with a clean driving record. Actual rates will vary.

Average Cost of Car Insurance in Indiana by Age

Note: Rates are an approximation based on a driver in Indiana with minimum coverage and a clean driving record. Actual rates will vary.

How to Lower the Cost of Car Insurance in Indiana

1. Shop around and compare quotes. We recommend comparing quotes from at least three different insurance companies to make sure you are getting the best rate.
2. Choose a higher deductible. Your deductible is the amount you have to pay out of pocket before your insurance kicks in. Choosing a higher deductible can lower your premiums but means you will have to pay more out-of-pocket when you file a claim.
3. Consider lowering your coverage. Consider purchasing only the minimum amount of coverage required by your state, rather than purchasing higher limits or a full coverage policy.
4. Look for discounts you may be eligible for. For instance, most insurance companies offer a good-driver discount for customers with a clean driving record, a good-student discount, or a discount for paying your premiums in full up front.

To learn more, check out our guide to how much car insurance you need in Indiana as well as our picks for the cheapest car insurance companies in Indiana.

Indiana car insurance laws require bodily injury liability coverage of $25,000 per person and $50,000 per accident, along with $25,000 of property damage liability coverage. Indiana also requires uninsured and underinsured motorist coverage totaling Not Required.

The first two categories – bodily injury liability and property damage liability - cover injuries or damages that you accidentally cause with your car. Your car insurance pays up to the per-person or per-accident limit in each category. Uninsured and underinsured motorist insurance provide additional coverage for you, in the event that you get into an accident with a driver who has limited or no insurance of their own.… read full answer

Car insurance is required in Indiana, but some drivers break that law or simply don’t have enough insurance to cover all accident-related expenses. Having uninsured and underinsured coverage on your own policy means you can repair your car or go to the hospital without worrying about where you’ll get the money to pay your bills. If you want additional coverage, you can choose higher limits than the ones required by Indiana law.

Since insurance is required by Indiana law, you can face multiple penalties if you’re caught driving without it, including fines, license suspension, and increased monitoring for three years. Another important Indiana law to note is the grace period for new residents: You have 60 days to register your car when you move to Indiana. You’ll need to bring proof of Indiana car insurance when you go to register, with coverage in each of the categories listed below.

Minimum Coverage Required by Indiana Car Insurance Laws

• Bodily injury liability: $25,000 per person / $50,000 per accident
• Property damage liability: $25,000